16th Dec 2024 20:00
Cirata PLC - Jersey-based software solutions provider - Secures around USD2 million live data migrator contract with IBM to support a top 3 US bank. Represents Cirata's largest LDM contract signed to-date in financial services. Further, Cirata withdraws financial 2024 bookings guidance. Explains this is partly due to certain major customers opting for one-year terms rather than multi-year terms and some movement of pipeline opportunities and bookings expectations from the fourth quarter 2024 to the first-half of financial 2025. This has caused a sufficiently wide variation to expected outcomes for bookings in financial 2024. Says cash overheads run rate is currently around USD5 million for the fourth quarter, slightly better than expectations. Cash burn for the fourth quarter will be dependent on the closing bookings and cash collection for the quarter once complete.
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By Jeremy Cutler, Alliance News reporter
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